In need of some advice

insometrouble88

Im 25 years old and have two children. I am being made redundant on the 1st of June 2013. I am already in a financial management plan, but i have more debts to add and obviously im going to be on a much lower income. My debts may not seem high to some people in here but i am getting a lot of scare mongering letters and bother from my creditors. I explained to one payday loan company that i was being made redundant who wanted a copy of my redundancy letter before they would agree to a repayment plan. Im worried sick, i just want out of this hole and dont know what to do. My current debts are sitting at just over £4000.

i dont really know what im asking here....just any advice would be very much appreciated as i am at a loss and i keep burying my head in the sand about it all, i really need help

T.I.A

matttye

Keep all contact with your creditors to writing/email and always send postal mail by recorded delivery so that you have a record of what's been said and so you can prove they've received your correspondence.

Can you post a statement of affairs from here:

http://www.stoozing.com/calculator/soa.php

Will you be getting any redundancy pay?

[Deleted User]

insometrouble88 wrote: »

I explained to one payday loan company that i was being made redundant who wanted a copy of my redundancy letter before they would agree to a repayment plan. Im worried sick, i just want out of this hole and dont know what to do.

i dont really know what im asking here....just any advice would be very much appreciated as i am at a loss and i keep burying my head in the sand about it all, i really need help

T.I.A

Have you provided the payday loan company with proof of redundancy? you must co-operate that is what I would do for starters and did do a year ago when similar my income dropped/wasn't as had been used to - it lead to taking professional debt advice and a solution I didn't really like but just kept telling myself it was unavoidable for no-one knows how life is going to pan out (and I had small debts as well at the time, but nothing was unsolveable in the right hands as it turned out in the end)
can you turn to your DMP provider? ask them why your getting the hassle or to relook at your options if/when you find yourself with the current income?

Most recently I have spent 3 months out of work - again another of life's challenges but I carried on because I knew I had to do better - there are still jobs and employment help out there

I know you are worried, but never lose hope x

craig3558

Hi,

The main thing to do is DONT PANIC, I know its easier said then done but trust me!!! I was out of work for 4 months 2 years ago and felt stuck and worried.

My advice is on 2 things. The first, contact ALL your creditors and inform them of your situation. Ask them to send you and income and expenditure form and offer them a token payment until things get better. You will find most will work with you. I cut my payments down to £5 a month each for 6 months. They seemed happy that I kept them up to date. You could also go and visit your local CAB who will draw up a plan on your behalf and this can be used to further your proposal to your creditors. Send them copies of your letter too.

As long as you show them your still willing to pay, they have to help you and work with you.

The 2nd tip is whilst at CAB have a benefits check to see if your entitled to any if not more.

Hope this helps